SoFi vs Laurel Road Personal Loans (2026): Which Is Better for Your Needs?

Quick take: Laurel Road stopped accepting new personal loan applications in 2026 as it’s fully integrating into KeyBank, its parent company since 2019. If you were considering Laurel Road for a personal loan, you'll need to look elsewhere. SoFi is the closest like-for-like alternative for most borrowers, with KeyBank, LightStream and Discover filling specific gaps depending on your credit profile and needs.

MoneyLion

A lender prequalifies you. What's important to remember?

Funds are guaranteedFinal approval may differRates cannot changeNo review is required

62

Key Takeaways

• Laurel Road personal loans are no longer available to new borrowers as the brand folds into parent company KeyBank throughout 2026. Existing accounts are transitioning to KeyBank, but anyone who was planning to apply will need to consider other options.

• SoFi is the closest like-for-like replacement for most borrowers, offering no-fee personal loans from $5,000 to $100,000 with repayment terms from two to seven years and same-day funding available after approval.

• KeyBank is the natural next step for existing Laurel Road customers, especially those already banking in its 15-state service area, while LightStream fills the gap for excellent-credit borrowers seeking the lowest available rates with no origination fees.

• Start by prequalifying with two or three lenders using a soft credit pull so your score isn't affected — then compare APRs, not just interest rates, to see the true cost of each offer. MoneyLion's marketplace lets you do this with multiple lenders in one application.

Summary generated by AI, verified by MoneyLion editors

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

What Happened To Laurel Road Personal Loans?

Laurel Road is no longer accepting applications for new personal loans. The lender, a digital banking brand owned by KeyBank since 2019, is being fully absorbed into the KeyBank brand throughout 2026. Existing Laurel Road personal loan accounts are transitioning to KeyBank, but the standalone Laurel Road personal loan product is no longer available to new borrowers.

For people who used to consider Laurel Road, this leaves a gap; the lender was known for competitive APRs for strong-credit borrowers and tailored programs for doctors, residents and other professionals.

Quick Comparison: Top Laurel Road Alternatives

👉 Laurel Road Personal Loans Top Alternatives

MoneyLion: The Easiest Way To Compare Alternatives

If you're not sure which lender best fits your needs now that Laurel Road is out, MoneyLion's personal loan marketplace lets you compare multiple offers in one place without committing to any single lender upfront. You fill out one application, do a soft credit pull (no credit score impact) and see prequalified offers from a network of lending partners side by side.

MoneyLion may be a fit if you:

• Want to shop multiple lenders without filling out separate applications

• Have a credit profile that's hard to read and want to see what you actually qualify for

• Need a wide range of loan amounts, up to $100,000 and flexible terms from 12 to 84 months

• Want to compare APRs, monthly payments and terms before a hard credit pull

SoFi: The Closest Alternative for Most Borrowers

SoFi is the most natural replacement for Laurel Road for the majority of borrowers. It offers fixed-rate unsecured personal loans from $5,000 to $100,000, repayment terms from two to seven years, and no origination fees, prepayment penalties or late fees. Funding can happen as soon as the same business day after approval.

SoFi may be a fit if you:

• Want a no-fee loan structure similar to what Laurel Road offered

• Have good to excellent credit — typically mid-600s and up

• Need a loan up to $100,000 for debt consolidation, home improvement, or a major expense

• Value extras like joint loan options, unemployment protection, and member benefits

Where SoFi falls short: SoFi has a $5,000 minimum, so it's not ideal for smaller borrowing needs. It also doesn't offer the specialized medical-professional pricing Laurel Road was known for.

KeyBank: For Existing Laurel Road Customers

If your Laurel Road accounts are transitioning to KeyBank, it's worth checking what KeyBank offers directly. KeyBank personal loans are available in 15 states, including New York, Ohio, Pennsylvania, Michigan and Washington, so eligibility is geographically limited. Loan amounts and terms are more conservative than SoFi's, but existing customers may find the relationship-based rates competitive.

LightStream: For Borrowers Chasing the Lowest Rate

For borrowers with excellent credit who valued Laurel Road's competitive low-end APRs, LightStream — a division of Truist — is often the strongest alternative. It offers loans up to $100,000 with no fees and frequently has some of the lowest advertised rates on the market, though approval is generally reserved for borrowers with strong credit histories.

How To Choose Your Laurel Road Replacement

1. Prequalify with two or three lenders. Most reputable lenders, including SoFi and LightStream allow you to check your rate with a soft credit pull that doesn't impact your credit score. MoneyLion's marketplace lets you do this with multiple partner lenders at once.

2. Compare APRs, not just interest rates. APR includes fees and gives you a true cost-of-borrowing figure.

3. Match the loan term to your goal. Shorter terms mean higher monthly payments but less interest paid overall.

4. Watch for fees. Laurel Road charged no origination fees, so make sure your replacement lender does the same if that mattered to you.

The Bottom Line

Laurel Road's exit from the personal loan market closes one door, but plenty of strong alternatives remain. SoFi is the closest like-for-like replacement for most borrowers who valued Laurel Road's no-fee structure and high loan limits, while KeyBank and LightStream each fill specific gaps depending on your credit profile and how much you need to borrow. If you're not sure where to start, MoneyLion's marketplace lets you compare prequalified offers from multiple lenders with a single soft credit check. See what you actually qualify for before committing to any one lender!

FAQs

Laurel Road vs. SoFi: Which is better?

Laurel Road is no longer accepting new personal loan applications, so SoFi is the better choice between the two by default. If SoFi isn't the right fit, you can also compare other lenders like KeyBank, LightStream or use a marketplace like MoneyLion to see multiple offers at once.

What is replacing Laurel Road personal loans?

KeyBank, Laurel Road's parent company, is the official successor for existing customers. For new borrowers seeking a similar product, MoneyLion's marketplace is also a strong starting point if you want to compare multiple lenders at once.

Does KeyBank offer the same personal loans as Laurel Road?

Not exactly. KeyBank offers personal loans, but availability is limited to its 15-state service area, and loan amounts and terms differ from what Laurel Road previously offered.

Key Terms

• Annual percentage rate (APR): The yearly cost of borrowing money expressed as a percentage, including interest and certain fees. Comparing APRs — rather than interest rates alone — gives you a more accurate picture of what a loan will cost you over time.

• Origination fee: An upfront charge some lenders deduct from your loan before disbursing funds. For example, a 5% origination fee on a $10,000 loan means you'd receive $9,500 but still repay the full amount.

• Prequalification: An early estimate of whether you may qualify for a loan, typically based on a soft credit pull and your overall basic financial profile. It lets you compare potential rates and terms without affecting your credit score.

• Soft credit inquiry: A review of your credit report that doesn't affect your credit score, often used during prequalification or background checks.

• Hard credit inquiry: A formal review of your credit report triggered by a full loan application. It can temporarily lower your score by a few points and stays on your credit report for up to two years.

• Unsecured personal loan: A loan that isn't backed by collateral such as a car or home. Lenders will look primarily at credit history, income and current debt to base their approval decision and interest rate.

• Debt consolidation: Combining multiple debts — like credit card balances — into a single personal loan, ideally at a lower interest rate, to make payments easier and potentially reduce the amount of interest you'd be paying.

Sources:

• Consumer Financial Protection Bureau: What is a personal installment loan?

• Consumer Financial Protection Bureau: Determination of annual percentage rate

• Consumer Financial Protection Bureau: What is a credit inquiry?

• Consumer Financial Protection Bureau: What is an origination fee?

• Consumer Financial Protection Bureau: What's the difference between a prequalification letter and a preapproval letter?